Whether you’re hoping to sell your current home and merge households or downsize — or move into a new property that you’ve had your sights set on, there are some things you should ask yourself.
Here are insights you can use when considering selling your home. Not only will these six questions guide your first steps, but they’ll also help ensure that you’re getting the best price at closing.
1. Who can help me sell my home?
When it comes to selling your home, you have a few options. You can list your home for sale by owner (FSBO), or you can choose to work with a REALTOR®.
A Realtor is educated, trained and committed to helping facilitate all aspects of buying and selling a home. To become a Realtor, a licensed real estate agent must pledge to follow a code of ethics from the National Association of REALTORS®.
While it may just sound like an easy task to check off, the Realtor’s pledge is a key credential that sets Realtors apart from other real estate agents. The pledge is a strict commitment to put the needs of the client above the financial or personal interests of the Realtor, which is extremely important when selling your home.
When searching for the right Realtor, look for someone who understands the local market area and who can help you stand out in a crowd of for-sale houses — and get the best offer on your home. You may want to ask close friends and family for referrals, or pay attention to who your neighbor is using for a local specialist.
Keep in mind, Edina Realty takes pride in requiring all its agents to be Realtors and to work according to the Code of Ethics.
2. How much is my home worth?
It’s important to carefully consider how much to price your home for sale. You don’t want to price your home too high, as this might discourage buyers and the home could end up on the market for longer than you wish. And, you don’t want to list your property too low and risk losing money that you could have earned back at closing.
Try reviewing recent sold prices in your area to determine the general price range that comparable homes are listed for. Your Realtor will help you find the “sweet spot” price for your home in today’s market. Take your time and put thought into your home listing price — even tiny pricing differences could sell your home faster.
3. What repairs or upgrades should I make to my house?
You may want to complete some interior and exterior home projects before listing your home for sale. Although investing money in your home before selling may seem counterintuitive, there are notable advantages to listing your home after completing necessary repairs or upgrades. Take note of these simple, yet impressive home projects to win buyers over:
- Installing a new ceiling fan
- Creating a dedicated laundry space
- Adding custom garage storage
When selling, you’ll also want to pay attention to the details in your yard. Implement these beginner landscaping tips to get your front lawn in prime selling condition.
4. How much will it cost to sell my home?
Between necessary repairs, closing costs, hiring a Realtor, and staging your home for sale, it can cost you money to sell your home.
But, keep in mind that these costs may also help you earn more at closing. For example, staging a home leads to a faster home sale by decreasing the amount of time a property is listed on the market. Recognize that when buyers can imagine themselves in a home, they may be more comfortable making a higher offer that ensures they land the property.
5. Will we sell first, then buy?
There is no set answer to the common seller question, “Should we sell first, then buy?” or vice versa. Instead, when determining whether it’s best to buy or sell your home first, you must think about your unique situation. Then, determine the order of operations that will work best for you and your family.
For example, selling your home first may be a smart option if you have a “plan B” housing arrangement, like living with family or renting a nearby apartment until you find your next property. Or, you might unexpectedly come across the home of your dreams and choose to buy a new house then sell your existing home.
If this is the case, you have a few options on how to proceed. You can:
- Include language in your offer stating that the home purchase is contingent on the sale of your existing property.
- Contact a mortgage loan officer about bridge loan options.
- Set aside extra money to pay for both mortgages until you’re able to sell your old property.
6. Where will we move next?
Currently, we are in a market that favors sellers — especially those with homes priced under $500k. It’s important to be prepared if your home sells quickly and you’ll want to have a plan in place for where you want to go next. Whether it’s testing out a new family-oriented community, upsizing to a new construction lake home, or moving into a retirement community, now is the time to do your research on your desired property style and location.
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